Medium Term Trend: ☝ UP (Changes to down below 15400)
Nifty @ 15920 - Much awaited breakout ??
In previous update we had posted a daily Nifty chart and had mentioned that its possible that some sort of bottom is done around 15650 levels and we see Nifty moving above 15900 in next 3-4 trading sessions. Nifty did exactly that and we have had a weekly close above 15900 now. Intraday Nifty even hit a high of 15950+ levels.
Having said this, since the breakout has come intraday (in a slow manner) and not with a strong gap-up, there is a chance that this breakout proves to be a false one and fizzle out in next few days and Nifty drops in the range ( 15500-15900) once again. One need to keep a close watch at 15850-15900 zone, this area has been broken out after much effort and a long time so ideally Nifty should now trade above it and move higher. In case Nifty start trading below it ( today it threatened to do so for some time but then bounced back) then that will not be a very positive sign.
So will keep it short for today, in summary, though Nifty has moved above 15900, the manner in which it has moved is not inspiring much confidence. To confirm its bullish stance Nifty needs to move strongly above 15900. If Nifty fails to do that and bears manage to drag it below 15850 once again then its likely that breakout we saw yesterday/today was not actually a breakout but a mere expansion of the sideways range. Next week is a truncated week ( just 4 days of trading) and probably will confirm if its an actual breakout or just a false one. Till then be cautious and dont be greedy.
Happy Trading!
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